The latest Congressional Budget Office projections find that Obamacare will cost far less than last year's estimates, to the tune of over $100 billion less over ten years.
More than 12 million people will gain health insurance under the Affordable Care Act this year, according to new projections released by the Congressional Budget Office on Monday. And millions more stand to benefit from the law over the next decade.
At the same time, the law's costs to the federal government are shrinking. According to the new projections, the federal government will spend more than $100 billion less on Obamacare's coverage provisions through 2024. That includes a downward estimate of about $5 billion this year. Overall, spending on the federal and state insurance exchanges are projected to cost 14 percent less than originally forecast.
The CBO said plans offered through the exchanges are narrower, allowing companies to keep premiums low and the federal government to pay less in subsidies. The lower spending projections on the Affordable Care Act will help shrink deficits overall. The CBO said the federal government will now run a deficit of $492 billion in fiscal year 2014, which is almost a 33 percent decrease from 2013.
But, but, but...death spirals! Unsustainable! Failure!
Watch the FOX News headline be "Seven MILLION Americans will lose employer health insurance by 2024 thanks to Obamacare!"
Of course, Republicans want to repeal Obamacare and take insurance coverage away from millions. Good luck with that.
"Critics also claim that the minimum wage is an issue that solely affects teenagers."
ReplyDeleteOh, but don't worry, lots of people making minimum wage aren't teenagers. I'm pretty damn tired of hearing this framing. Every worker contributes to the profitability of the company. And every worker deserves their share. Somebody explain to me what is wrong with a teenager making enough to afford an apartment and a car? You were cheated out of the earnings you deserved at that age? Direct your anger at Capitol. How the hell do we expect young people to vote for the left if we treat them like second class citizens?